Cloud Professional Services Market 2024 - Share, Ongoing Trends, Size, Growth Rate And Key Players

The Business Research Company recently released a comprehensive report on the Global Cloud Professional Services Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The cloud professional services market size has grown rapidly in recent years. It will grow from $29.52 billion in 2023 to $34.45 billion in 2024 at a compound annual growth rate (CAGR) of 16.7%. The growth in the historic period can be attributed to cost efficiency focus, security concerns, scalability demands, compliance requirements, data management challenges, business continuity planning.

The cloud professional services market size is expected to see rapid growth in the next few years. It will grow to $66.93 billion in 2028 at a compound annual growth rate (CAGR) of 18.1%. The growth in the forecast period can be attributed to multi-cloud strategies, containerization and microservices, serverless computing, focus on cloud-native development, data governance and privacy, customer experience optimization. Major trends in the forecast period include increased cloud adoption, focus on cloud security and compliance, application modernization and migration services, focus on data management and analytics in the cloud, containerization and kubernetes adoption, quantum computing exploration.

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Market Drivers and Trends:

Increased adoption of cloud computing is expected to propel the growth of the cloud professional services market going forward. Cloud refers to a network of remote servers hosted on the internet that store, manage, and deliver data, applications, and services to users and organizations. Cloud computing serves as the foundational technology that enables cloud professional services, providing the infrastructure and platforms necessary for service delivery, management, and scalability, enhancing efficiency and flexibility in meeting clients' IT needs. For instance, in December 2021, according to Eurostat, a Europe-based intergovernmental organization, 41% of EU enterprises used cloud computing in 2021, primarily for hosting their e-mail systems and storing files in electronic form, an increase of 5% compared to 2020. Among large enterprises, the use of cloud computing was especially high, with 72% using it in 2021, representing a 7% increase from 2020. Medium-sized enterprises also saw an increase in cloud computing usage, with 53% utilizing it in 2021 compared to 46% in 2020. Small enterprises saw a 5% increase in cloud computing usage, making it 38% in 2021. The majority of businesses, specifically 66%, used cloud computing for storing files, while 61% used it for office software such as word processors and spreadsheets. Additionally, 58% utilized it for security software applications, while 46% used it to host their database. Therefore, increased adoption of cloud computing is driving the growth of the cloud professional services market.

Technological innovations are the key trend gaining popularity in the cloud professional services market. Major companies operating in the cloud professional services market are introducing new technologies to sustain their position in the market. For instance, in July 2022, Sygitech Cloud Solutions, an India-based IT service company, launched 2 new technology platforms SygiOps and SygiCloudSync, that help in reducing the human elements and errors from a task. This software aims to lighten the workload of IT staff members and increase productivity by automating their first routine duties. With the help of automated cloud-based technology, it helps to store the data automatically without any human intervention.

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Major Key Players of the Market:

Acc*enture plc, HCL Technologies Ltd., Cognizant Technology Solutions India Pvt Ltd., Capgemini SE, Cisco Systems Inc., DXC Technology Company, Hitachi Vantara Corporation, Infosys Limited, NTT Data Corporation, Amazon.com Inc., Deloitte Touche Tohmatsu Limited, Ernst & Young Global Limited, Fujitsu Limited, Wipro Limited, PricewaterhouseCoopers International Limited, Google LLC, Microsoft Corporation, Alibaba Group Holding Limited, Hewlett Packard Enterprise Company, International Business Machines Corporation, T-Systems International GmbH, Rackspace Technology Inc., SAP SE, StackOverdrive.io LLC, Renova Cloud Company Limited, Advascale SIA, Gorilla Logic LLC, BlueSoft Sp. Z.o.o, Turing Enterprises Inc., Cubex Systems Pty Ltd., Debuide Technologies (OPC) Pvt. Ltd., Exodata LLC, Tata Consultancy Services Ltd., Coastal Cloud LLC, OpenText Corp., CompuData Inc., Spaulding Ridge Enterprises London Llimited, Navisite LLC, Assured Technology Pvt. Ltd., Tech Mahindra Ltd., Atos Information Technology Incorporated, Cloudreach Europe Ltd.

Cloud Professional Services Market 2024 Key Insights:

• The cloud professional services market size is expected to see rapid growth in the next few years. It will grow to $66.93 billion in 2028 at a compound annual growth rate (CAGR) of 18.1%.
• Digitalization Drives Cloud Professional Services Market Growth
• The Increasing Popularity Of Hybrid And Multi-Cloud Environments
• North America was the largest region in the cloud professional services market in 2023

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